Dow Jones Industrial Average Slammed By Sinking Oil

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Dec 7, 2015 at 4:21 PM
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The Dow Jones Industrial Average (DJIA) suffered a triple-digit loss, sliding back into negative year-to-date territory. A new multi-year low in crude oil sent energy interests plummeting across the board, with Exxon Mobil Corporation (NYSE:XOM) and Chevron Corporation (NYSE:CVX) leading the blue-chip laggards. Outside of oil, Fed talk kept traders eyeing next week's Federal Open Market Committee (FOMC) meeting, where a final decision will be made on a December interest-rate hike.

Continue reading for more on today's market, including

The Dow Jones Industrial Average (DJIA - 17,730.51) fell 117.1 points, or 0.7%, thanks to big losses in energy names. XOM and CVX dropped 2.7% and 2.6%, respectively, while Wal-Mart Stores, Inc. (NYSE:WMT) led nine of the 30 blue-chip components higher, adding 1.4%. 

The S&P 500 Index (SPX - 2,077.07) slid 14.6 points, or 0.7%, but kept its positive year-to-date standing thanks to winners in the travel sector. The Nasdaq Composite (COMP - 5,101.81) lost 40.5 points, or 0.8%, but was spared bigger losses thanks to a 72% leap for Keurig Green Mountain Inc.

The CBOE Volatility Index (VIX - 15.84) added 1 point, or 7%, for the day.



5 Items on Our Radar Today:

  1. President Obama addressed the nation in a speech from the Oval Office Sunday night, to discuss his administration's approach to the rising threat of terrorism, particularly in light of last week's shooting in San Bernardino, California. The president called on legislators to pass new laws for security at home and increased use of force abroad, and vowed to "destroy ISIL and any other organization that tries to harm us." As a result, this gun maker's stock shot higher. (CNBC)
  2. St. Louis Fed President James Bullard spoke at an economic policy lunch at Ball State University, expressing his support for an interest rate hike this month. Bullard admitted that the Fed has made inaccurate forecasts, causing policymakers to keep rates unchanged for seven years. (Reuters, via CNBC)
  3. General Electric Company (NYSE:GE) left Swedish firm Electrolux hanging on a buyout deal.
  4. Options trader think this chipmaker may have found a floor.
  5. Johnson & Johnson (NYSE:JNJ) got a boost on promising cancer drug news.



Oil fell to its lowest level since February 2009, still reeling from the results of Friday's Organization of the Petroleum Exporting Countries' (OPEC) meeting, in which the group reported it would continue to produce at record levels. The global glut and a stronger dollar led January crude oil down $2.32, or 5.8% -- the biggest one-day percentage loss in roughly three months -- to close at $37.65 a barrel.

After hitting a 2-week high on Friday, a strengthening dollar today sent gold lower, with February-dated gold slipping $8.90, or 0.8%, to settle at $1,075.20 an ounce. 

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